Especially if it's made from high grade ferrochrome. Who needs a silver spoon??

This is great news in that it probably represents the first step in establishing the quality of the ore and eventually in leading to the early negotiation of off-take agreements when (soon I hope) the 43-101 comes out...When that happens, Cliffs will be forced to recalculate the value of the KWG 30% ownership, against the total value of the resource (over the life of the mine) rather than against the number of KWG shares fully-diluted.

This will tell them how much they risk giving up to KWG in EBITDA over the next X number of years and how that compares to the pennies that they are trying to save now. Every penny they save on the SP represents approx. 85mil on the take-over price but ...waiting to long or missing the window of opportunity all together to another buyer, would cost them over 300mil per year for every million tons of ore that they take out of the ground.

If they take that chance and lose the take-over to another buyer they lose $300mil X 50 years = $15billion and that's for every 1 million tons of ore. Multiply by 2 or 3 if the mined ore increases to 2 million or 3 million tons. I am sure that this fact alone will put a new perspective on the pennies that are being fought over at the moment.

Best of luck to all...see you at the PDAC

Le Penseur